Selling activities is over on stock.
Major move longer than manor move.
An excess detected at Value Low with buyers.
Suppose to price rotation and, price move 562 above will give you solid SPIKE as target nearby 607 and target 638 nearby.
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Price completes a classic 5-wave Elliot wave count sequence and reverses from the low. MACD histogram shows a near perfect positive divergence.
Buy at: 573
Target: 615
SL: 552
Holding Period: 5-6 days
stop loss 545
can come back to test 520-530 , then short .
if breach 490 can slide towards
1st target 412
2nd target 388
Disclaimer: All posts/views are for educational purpose only..!!
Kindly contact financial advisor before taking position/decision.
Escorts is trading below strong support of 545. It's 200 EMA is also around 545. Formed a small range just below support, which has now become resistance for it. Buyers are active in this region as the delivery percentage is quite high. Deliverable quantity is above average.
Descending triangle is usually a continuous pattern. If it breaks triangle's baseline...
Refer chart for details on key support and target.
Note: Consistent trade below 520 would lead to breakdown in chart and further lower levels can be expected.
NSE:ESCORTS
As per 5 Year chart view, Escorts is in downtrend for past 1 year. I expect Escorts will continue its downtrend for long. I have mentioned resistance line in chart and Target 1 will be @ 500 zone. Once it Break next target 2 will be announced soon.
Escorts Limited is an engineering company, which offers agricultural tractors and construction equipment. The Company's segments are Agri Machinery, Auto Ancillary Products, Railway Equipment, Construction Equipments and Others. It is engaged in the business of manufacturing of engines for agricultural tractors, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, center buffer couplers, automobile shock absorbers, telescopic front fork and Mcpherson struts, brake block, internal combustion engine and various types of brake used by railways. It also trades in oils and lubricants, implements, trailers, tractors, compressor accessories and spares, construction and aero business. It offers Euro Series under Powertrac; Classic Series in 41-50 HP under Farmtrac brand, and FT 6055 Xtra Torque Tractor with approximately 20 speed transmission.
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ESCORTS
